Deere & Company releases 4th Quarter earnings at $2.246 Billion

This image shows the John Deere logo.
This image shows the John Deere logo.(Source: Deere & Company via MGN)
Published: Nov. 23, 2022 at 4:18 PM CST
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MOLINE, Ill. (KWQC) - A remarkable earnings report was just released Wednesday by Deere and Company. The Moline-based agriculture and construction equipment manufacturer is reporting fourth quarter profit of nearly $ 2.25 billion dollars or $7.44 per share ending Oct. 31, 2022. That compares to 1.28 billion or $4.12 a share during the same quarter a year ago. It also topped Wall Street expectations.

For fiscal-year 2022, net income was $7.131 billion, or $23.28 per share, compared with $5.963 billion, or $18.99 per share, in fiscal 2021.

The company says 4th quarter earnings were bolstered by a 40-percent increase in net sales, despite continued supply chain issues. Deere says strength in ag and construction equipment sales is expected to continue in 2023.